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South Bend Redevelopment Commission <br /> Regular Meeting—January 3, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (3) continued... <br /> area on the southern boundary of Ignition <br /> Park, and enhance this entrance into the Park. <br /> A general valuation method for a small <br /> neighborhood tavern is 2 to 2.5 times gross <br /> receipts. Two times the average of the last <br /> three years' gross receipts for this business is <br /> $163,000. The $33,500 property value plus <br /> $163,000 totals $196,500. This property <br /> owner asks for a lump sum payment of <br /> $190,000. <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Mr. Downes and unanimously carried, the SETTLEMENT FOR ACQUISITION OF 701 W. <br /> Commission approved the Administrative INDIANA AVE.IN THE AMOUNT OF$190,000. <br /> Settlement for acquisition of 701 W. Indiana <br /> Ave. in the amount of$190,000. <br /> C. West Washington-Chapin Development Area <br /> There was no business in the West Washington- THERE WAS NO BUSINESS IN THE WEST <br /> Chapin Development Area. WASHINGTON-CHAPIN DEVELOPMENT AREA. <br /> D. South Side Development Area <br /> There was no business in the South Side THERE WAS NO BUSINESS IN THE SOUTH SIDE <br /> Development Area. DEVELOPMENT AREA. <br /> E. Northeast Neighborhood Development Area <br /> There was no business in the Northeast THERE WAS NO BUSINESS IN THE NORTHEAST <br /> Neighborhood Development Area. NEIGHBORHOOD DEVELOPMENT AREA. <br /> F. Douglas Road Economic Development Area <br /> There was no business in the Douglas Road THERE WAS NO BUSINESS IN THE DOUGLAS <br /> Economic Development Area. ROAD ECONOMIC DEVELOPMENT AREA. <br /> 8 <br />